BTC Technical Analysis 20241026 Saturday
Upper Resistance: 67200-67500
Lower Support: 65800-65500
The 1-hour level has completed a five-wave rebound from the previous low of 65260, and after the rebound, it has entered a three-wave adjustment, currently positioned in wave C. Wave C has completed a minimum adjustment drop of 1600 points, which may end at any time. A Pinbar pattern has formed on the 1-hour chart, and a bullish engulfing has formed on the 30-minute chart, indicating a short-term bottoming signal.
It is the weekend now, with smaller fluctuations, and there is a higher probability of weak consolidation within the support and resistance range.
【Suggestion】 Day trading can be conducted, shorting at the resistance area during a rebound, and going long at the support area during a pullback.
